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Upstart Holdings, Inc.(UPST)Earnings, Financials & Key Ratios
UPST•NASDAQ•Banking & Credit
$31.17
$2.98B mkt cap·69.3× P/E·Price updated May 6, 2026
AboutUpstart Holdings, Inc., together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform aggregates consumer demand for loans and connects it to its network of the company's AI-enabled bank partners. The company was founded in 2012 and is headquartered in San Mateo, California.Show more
- Net Interest Income$153M+10.5%
- Total Revenue$1.08B+58.9%
- Net Income$54M+141.7%
- Return on Equity7.49%+136.9%
- Net Interest Margin5.13%-12.1%
- Efficiency Ratio90.16%-19.4%
- ROA2.01%+134.2%
- Equity / Assets26.85%+0.4%
- Book Value per Share7.43+5.0%
- Tangible BV/Share6.73+8.1%
- Debt/Equity2.32+1.0%
UPST Key Insights
Upstart Holdings, Inc. (UPST) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y profit CAGR of 55.0%
- ✓Strong NIM of 5.1%
- ✓Well capitalized: 26.9% equity/assets
- ✓Diversified revenue: 81.0% from non-interest income
✗Weaknesses
- ✗High debt to equity ratio of 2.3x
- ✗High cost structure: 90.2% efficiency ratio
- ✗Shares diluted 20.2% in last year
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
UPST Price & Volume
Upstart Holdings, Inc. (UPST) stock price & volume — 10-year historical chart
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UPST Growth Metrics
Upstart Holdings, Inc. (UPST) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years36.13%
3 Years8.02%
TTM-
Profit CAGR
10 Years-
5 Years55.04%
3 Years-
TTM174.37%
EPS CAGR
10 Years-
5 Years14.37%
3 Years-
TTM153.87%
Return on Capital
10 Years-1.9%
5 Years-2.88%
3 Years-6.83%
Last Year2.42%
UPST Recent Earnings
Upstart Holdings, Inc. (UPST) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 7/12 qtrs (58%)
Q1 2026Latest
Feb 10, 2026EPS
$0.46
Est $0.47
-2.1%
Revenue
$296M
Est $288M
+2.6%
Q4 2025
Nov 4, 2025EPS
$0.52
Est $0.42
+23.8%
Revenue
$286M
Est $289M
-0.9%
Q3 2025
Aug 5, 2025EPS
$0.36
Est $0.27
+33.3%
Revenue
$257M
Est $281M
-8.4%
Q2 2025
May 6, 2025EPS
$0.30
Est $0.19
+57.9%
Revenue
$220M
Est $201M
+9.5%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 10, 2026 | $0.46vs $0.47-2.1% | $296Mvs $288M+2.6% |
| Q4 2025 | Nov 4, 2025 | $0.52vs $0.42+23.8% | $286Mvs $289M-0.9% |
| Q3 2025 | Aug 5, 2025 | $0.36vs $0.27+33.3% | $257Mvs $281M-8.4% |
| Q2 2025 | May 6, 2025 | $0.30vs $0.19+57.9% | $220Mvs $201M+9.5% |
Based on last 12 quarters of dataView full earnings history →
UPST Peer Comparison
Upstart Holdings, Inc. (UPST) competitors in Credit Servicing and Structured Finance — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 LC | 1.97B | 17.08 | 14.85 | 14.97% | 10.17% | 9.47% | 0.01 | |
 SOFI | 20.43B | 16.02 | 41.08 | 28.78% | 10.09% | 5.87% | 0.17 | |
 AFRM | 22.26B | 66.81 | 445.40 | 38.8% | 7.6% | 8.83% | 2.7% | 2.56 |
 OPRT | 247.42M | 5.56 | 10.49 | 19.49% | 3.95% | 6.66% | 100% | 7.21 |
 LPRO | 197.66M | 1.67 | -46.83 | 288.02% | -4.54% | -5.53% | 1.17 | |
 TREE | 562.82M | 40.62 | 3.77 | 24.12% | 13.54% | 85.96% | 10.78% | 1.52 |
 ENVA | 4.22B | 169.28 | 14.62 | 18.58% | 9.79% | 24.88% | 41.96% | 3.41 |
 OMF | 6.45B | 55.05 | 8.39 | 9.09% | 12.54% | 23.62% | 48.53% | 6.67 |
Compare UPST vs Peers
Upstart Holdings, Inc. (UPST) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
UPST Income Statement
Upstart Holdings, Inc. (UPST) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Net Interest Income | 50.2M | 36.83M | 18.38M | 17.36M | 90.05M | 129.4M | 138.23M | 152.69M | 119.15M |
| NII Growth % | - | -26.64% | -50.09% | -5.56% | 418.74% | 43.69% | 6.83% | 10.46% | -22.51% |
| Net Interest Margin % | 7.77% | 9.36% | 3.85% | 0.95% | 4.65% | 6.41% | 5.84% | 5.13% | 4.02% |
| Interest Income | 76.68M | 63.31M | 26.41M | 20.63M | 105.58M | 169M | 186.36M | 204.23M | 163.66M |
| Interest Expense | 26.48M | 26.48M | 8.03M | 3.27M | 15.53M | 39.6M | 48.13M | 51.54M | 34.15M |
| Loan Loss Provision | -26.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.37M |
| Non-Interest Income | 18.9M | 125.95M | 203.67M | 829.25M | 747.71M | 378.72M | 490.6M | 871.29M | 999.68M |
| Non-Interest Income % | 19.77% | 66.55% | 88.52% | 97.57% | 87.63% | 69.15% | 72.47% | 81.01% | 85.93% |
| Total Revenue | 95.58M▲ 0% | 189.27M▲ 98.0% | 230.08M▲ 21.6% | 849.89M▲ 269.4% | 853.29M▲ 0.4% | 547.72M▼ 35.8% | 676.96M▲ 23.6% | 1.08B▲ 58.9% | 1.16B▲ 0% |
| Revenue Growth % | - | 98.02% | 21.56% | 269.39% | 0.4% | -35.81% | 23.6% | 58.87% | 230.06% |
| Non-Interest Expense | 106.8M | 167.73M | 216.1M | 712.88M | 946.83M | 748.14M | 757.23M | 969.66M | 1.07B |
| Efficiency Ratio | 111.74% | 88.62% | 93.93% | 83.88% | 110.96% | 136.59% | 111.86% | 90.16% | 91.94% |
| Operating Income | -7.97M▲ 0% | -4.95M▲ 38.0% | 5.95M▲ 220.3% | 133.73M▲ 2147.6% | -109.07M▼ 181.6% | -240.03M▼ 120.1% | -128.4M▲ 46.5% | 54.33M▲ 142.3% | 49.23M▲ 0% |
| Operating Margin % | -8.34% | -2.61% | 2.59% | 15.74% | -12.78% | -43.82% | -18.97% | 5.05% | 4.23% |
| Operating Income Growth % | - | 37.95% | 220.3% | 2147.58% | -181.56% | -120.06% | 46.51% | 142.31% | - |
| Pretax Income | -11.22M▲ 0% | -4.95M▲ 55.9% | 5.95M▲ 220.3% | 133.73M▲ 2147.6% | -109.07M▼ 181.6% | -240.03M▼ 120.1% | -128.4M▲ 46.5% | 54.33M▲ 142.3% | 50.19M▲ 0% |
| Pretax Margin % | -11.74% | -2.61% | 2.59% | 15.74% | -12.78% | -43.82% | -18.97% | 5.05% | 4.31% |
| Income Tax | 0 | 74K | 371K | -1.71M | -409K | 107K | 185K | 728K | 783K |
| Effective Tax Rate % | 0% | -1.5% | 6.24% | -1.28% | 0.37% | -0.04% | -0.14% | 1.34% | 1.56% |
| Net Income | -12.32M▲ 0% | -466K▲ 96.2% | 5.98M▲ 1383.9% | 135.44M▲ 2163.8% | -108.67M▼ 180.2% | -240.13M▼ 121.0% | -128.58M▲ 46.5% | 53.6M▲ 141.7% | 49.4M▲ 0% |
| Net Margin % | -12.89% | -0.25% | 2.6% | 15.94% | -12.73% | -43.84% | -18.99% | 4.98% | 4.25% |
| Net Income Growth % | - | 96.22% | 1383.91% | 2163.8% | -180.23% | -120.98% | 46.45% | 141.69% | 174.37% |
| Net Income (Continuing) | -11.22M | -5.02M | 5.58M | 135.44M | -108.67M | -240.13M | -128.58M | 53.6M | 49.4M |
| EPS (Diluted) | -0.87▲ 0% | -0.03▲ 96.3% | 0.23▲ 807.7% | 1.43▲ 521.7% | -1.31▼ 191.6% | -2.87▼ 119.1% | -1.44▲ 49.8% | 0.45▲ 131.3% | 0.51▲ 0% |
| EPS Growth % | - | 96.26% | 807.69% | 521.74% | -191.61% | -119.08% | 49.83% | 131.25% | 153.87% |
| EPS (Basic) | -0.87 | -0.03 | 0.27 | 1.73 | -1.31 | -2.87 | -1.44 | 0.56 | - |
| Diluted Shares Outstanding | 14.13M | 14.36M | 26.37M | 94.77M | 82.77M | 83.77M | 89.45M | 107.49M | 96.9M |
UPST Balance Sheet
Upstart Holdings, Inc. (UPST) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 73.04M | 50.82M | 258.77M | 994.99M | 432.41M | 377.32M | 793.61M | 657.45M | 2.07B |
| Cash & Due from Banks | 73.04M | 50.82M | 258.77M | 994.99M | 432.41M | 377.32M | 793.61M | 657.45M | 472.93M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.25M |
| Total Investments | 0 | 232.31M | 78.46M | 292.48M | 1.05B | 1.2B | 849.42M | 1.03B | 41.25M |
| Investments Growth % | - | - | -66.23% | 272.77% | 259.57% | 14.45% | -29.43% | 20.77% | 29.83% |
| Long-Term Investments | 0 | 232.31M | 78.46M | 292.48M | 1.05B | 1.2B | 849.42M | 1.03B | 3.36B |
| Accounts Receivables | 2.53M | 8.32M | 11.66M | 55.52M | 46.65M | 40.49M | 48.23M | 0 | 0 |
| Goodwill & Intangibles | 1.4M | 0 | 0 | 86.97M | 82.69M | 78.42M | 76.49M | 75.35M | 67.06M |
| Goodwill | 0 | 0 | 0 | 67.06M | 67.06M | 67.06M | 67.06M | 67.06M | 67.06M |
| Intangible Assets | 1.4M | 0 | 0 | 19.91M | 15.63M | 11.36M | 9.43M | 8.29M | 0 |
| PP&E (Net) | 102K | 22.22M | 28.34M | 120.38M | 130.5M | 97.35M | 82.47M | 60.58M | 79.16M |
| Other Assets | 11.18M | 40.46M | 74.95M | 231.83M | 169.2M | 187.07M | 278.01M | 613.92M | 0 |
| Total Current Assets | 633.22M | 98.48M | 295.5M | 1.09B | 501.99M | 450.64M | 1.08B | 1.2B | 514.18M |
| Total Non-Current Assets | 12.69M | 294.98M | 181.75M | 731.65M | 1.43B | 1.57B | 1.29B | 1.78B | 146.22M |
| Total Assets | 645.91M▲ 0% | 393.46M▼ 39.1% | 477.25M▲ 21.3% | 1.82B▲ 281.4% | 1.94B▲ 6.4% | 2.02B▲ 4.2% | 2.37B▲ 17.3% | 2.97B▲ 25.7% | 2.96B▲ 0% |
| Asset Growth % | - | -39.08% | 21.3% | 281.44% | 6.35% | 4.19% | 17.34% | 25.68% | 151.37% |
| Return on Assets (ROA) | -1.91% | -0.09% | 1.37% | 11.79% | -5.79% | -12.15% | -5.87% | 2.01% | 1.75% |
| Accounts Payable | 2.92M | 6.56M | 13.78M | 6.56M | 18.71M | 12.61M | 12.38M | 31.98M | 0 |
| Total Debt | 501.23M | 135.67M | 82.06M | 795.8M | 1.09B | 1.1B | 1.45B | 1.85B | 0 |
| Net Debt | 428.19M | 84.85M | -176.71M | -199.19M | 654.77M | 725.42M | 658.84M | 1.19B | -472.93M |
| Long-Term Debt | 448.05M | 34.01M | 22.13M | 647.4M | 649.94M | 653M | 1.21B | 1.73B | 0 |
| Short-Term Debt | 49.27M | 84.6M | 40.49M | 48.03M | 336.45M | 387.43M | 195.6M | 97.33M | 0 |
| Other Liabilities | 22.79M | 292.17M | 56.36M | 125.52M | 112.39M | 208.17M | 19.12M | 22.01M | 0 |
| Total Current Liabilities | 71.81M | 111.91M | 79.08M | 140.09M | 400.5M | 458.3M | 457.77M | 401.02M | 0 |
| Total Non-Current Liabilities | 470.84M | 343.24M | 97.93M | 873.28M | 863.12M | 923.5M | 1.28B | 1.77B | 0 |
| Total Liabilities | 542.65M | 455.15M | 177M | 1.01B | 1.26B | 1.38B | 1.73B | 2.18B | 2.23B |
| Total Equity | 103.25M▲ 0% | -61.69M▼ 159.7% | 300.25M▲ 586.7% | 807.08M▲ 168.8% | 672.43M▼ 16.7% | 635.3M▼ 5.5% | 633.22M▼ 0.3% | 798.82M▲ 26.2% | 733.17M▲ 0% |
| Equity Growth % | - | -159.74% | 586.73% | 168.8% | -16.68% | -5.52% | -0.33% | 26.15% | 80.79% |
| Equity / Assets (Capital Ratio) | 15.99% | -15.68% | 62.91% | 44.33% | 34.73% | 31.5% | 26.75% | 26.85% | 24.76% |
| Return on Equity (ROE) | -11.93% | -2.24% | 5.02% | 24.46% | -14.69% | -36.72% | -20.27% | 7.49% | 6.59% |
| Book Value per Share | 7.31 | -4.30 | 11.38 | 8.52 | 8.12 | 7.58 | 7.08 | 7.43 | 7.57 |
| Tangible BV per Share | 7.21 | -4.30 | 11.38 | 7.60 | 7.12 | 6.65 | 6.22 | 6.73 | 6.87 |
| Common Stock | 1K | 2K | 7K | 8K | 8K | 9K | 9K | 10K | 10K |
| Additional Paid-in Capital | 8.41M | 12.49M | 369.47M | 740.85M | 714.87M | 917.87M | 1.04B | 1.16B | 0 |
| Retained Earnings | -75.08M | -75.2M | -69.22M | 66.22M | -42.44M | -282.58M | -411.16M | -357.56M | -364.2M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 157.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
UPST Cash Flow Statement
Upstart Holdings, Inc. (UPST) cash flow — operating, investing & free cash flow history
| Line item | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 50.34M | 31.58M | 15.7M | 168.35M | -657.86M | -111.71M | 186.33M | -147.72M | -147.72M |
| Operating CF Growth % | - | -37.26% | -50.3% | 972.52% | -490.76% | 83.02% | 266.8% | -179.28% | -133.83% |
| Net Income | -11.22M | -5.02M | 5.58M | 135.44M | -108.67M | -240.13M | -128.58M | 53.6M | 49.4M |
| Depreciation & Amortization | 314K | 774K | 2.28M | 7.54M | 13.51M | 24.9M | 20.55M | 24.84M | 18.43M |
| Deferred Taxes | 42.28M | 0 | 29.05M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.98M | 31.99M | -50.98M | -103.06M | -683.61M | -51.81M | 126.34M | -384.75M | -381.98M |
| Working Capital Changes | 13.93M | 33K | 18.25M | 55.24M | -5.04M | -19.71M | 34.63M | 26.64M | 69.34M |
| Cash from Investing | -137.24M | 45.43M | 136.52M | -143.88M | -114.13M | -118.45M | -237.73M | -177.17M | -98.6M |
| Purchase of Investments | -421.12M | 0 | -9.65M | -40M | -6.25M | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 1.23M | 8.76M | 97.34M | 0 | 0 | 0 | 11.93M | 0 | 0 |
| Net Investment Activity | -419.89M | 8.76M | 87.69M | -40M | -6.25M | 0 | 11.93M | 0 | 0 |
| Acquisitions | 8.91M | 0 | -87.69M | -16.76M | 0 | 0 | 11.93M | 0 | 0 |
| Other Investing | -137.42M | 40.68M | 142.12M | -78.69M | -99.05M | -116.93M | -260.75M | -176.82M | -98.25M |
| Cash from Financing | 135.77M | -119.19M | 79.05M | 855.43M | 113.21M | 165.49M | 559.87M | 405.64M | 457.07M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -177.88M | 0 | 0 | 0 | 0 |
| Stock Issued | 292.7M | 0 | 159.49M | 263.93M | 20.02M | 21.3M | 29.08M | 25.3M | 12.4M |
| Net Stock Activity | 292.7M | 0 | 159.49M | 263.93M | -157.87M | 21.3M | 29.08M | 25.3M | 12.4M |
| Debt Issuance (Net) | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | -2M | -4.48M | 1.75M | -55.6M | -16.84M | -48.78M | -31.86M | -10.3M | -26.05M |
| Net Change in Cash | 48.87M▲ 0% | -42.17M▼ 186.3% | 231.27M▲ 648.3% | 879.91M▲ 280.5% | -658.77M▼ 174.9% | -64.68M▲ 90.2% | 508.48M▲ 886.1% | 80.75M▼ 84.1% | 91.81M▲ 0% |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 73.38M | 122.24M | 80.07M | 311.33M | 1.19B | 532.47M | 467.79M | 976.26M | 1.06B |
| Cash at End | 122.24M | 80.07M | 311.33M | 1.19B | 532.47M | 467.79M | 976.26M | 1.06B | 931.33M |
| Interest Paid | 0 | 26.87M | 0 | 3.27M | 12.47M | 36.55M | 43.12M | 43.48M | 36.1M |
| Income Taxes Paid | 0 | 0 | 0 | 2.3M | 328K | 0 | 258K | 590K | 494K |
| Free Cash Flow | 49.29M▲ 0% | 26.3M▼ 46.6% | 10.09M▼ 61.6% | 153.24M▲ 1418.4% | -680.77M▼ 544.3% | -123.8M▲ 81.8% | 176.34M▲ 242.4% | -166.13M▼ 194.2% | -146.49M▲ 0% |
| FCF Growth % | - | -46.64% | -61.63% | 1418.41% | -544.26% | 81.82% | 242.44% | -194.21% | -228.38% |
UPST Banking Ratios
Upstart Holdings, Inc. (UPST) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -2.24% | 5.02% | 24.46% | -14.69% | -36.72% | -20.27% | 7.49% | 6.59% |
| Return on Assets (ROA) | -0.09% | 1.37% | 11.79% | -5.79% | -12.15% | -5.87% | 2.01% | 1.75% |
| Net Interest Margin | 9.36% | 3.85% | 0.95% | 4.65% | 6.41% | 5.84% | 5.13% | 4.02% |
| Efficiency Ratio | 88.62% | 93.93% | 83.88% | 110.96% | 136.59% | 111.86% | 90.16% | 91.94% |
| Equity / Assets | -15.68% | 62.91% | 44.33% | 34.73% | 31.5% | 26.75% | 26.85% | 24.76% |
| Book Value / Share | -4.3 | 11.38 | 8.52 | 8.12 | 7.58 | 7.08 | 7.43 | 7.57 |
| NII Growth | -26.64% | -50.09% | -5.56% | 418.74% | 43.69% | 6.83% | 10.46% | -9.27% |
| Dividend Payout | - | - | - | - | - | - | - | 0% |
UPST SEC Filings & Documents
Upstart Holdings, Inc. (UPST) SEC filings — annual & quarterly reports (10-K, 10-Q)
UPST Frequently Asked Questions
Upstart Holdings, Inc. (UPST) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Upstart Holdings, Inc. (UPST) grew revenue by 58.9% over the past year. This is strong growth.
Yes, Upstart Holdings, Inc. (UPST) is profitable, generating $49.4M in net income for fiscal year 2025 (5.0% net margin).
Dividend & Returns
Upstart Holdings, Inc. (UPST) has a return on equity (ROE) of 7.5%. This is below average, suggesting room for improvement.
Industry Metrics
Upstart Holdings, Inc. (UPST) has a net interest margin (NIM) of 5.1%. This indicates healthy earnings from lending activities.
Upstart Holdings, Inc. (UPST) has an efficiency ratio of 90.2%. This is higher than peers, suggesting room for cost optimization.
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Upstart Holdings, Inc. (UPST) financial analysis — history, returns, DCA and operating performance tools
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Revenue History
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Valuation
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